I think this is pretty neat:
Reaper's built-in guitar tuner (ReaTune) has the facility to send a MIDI event when the pitch changes. This can be used to trigger a synth. I didn't even have to figure out how to set it up, just searched the Reaper forums and there was a track template ready made.
I have no experience with real guitar synths using a dedicated Roland-style pickup, but I think this tracks OK? (Opinions from guitar synth users?)
Quick 'n dirty clip of the Canon Rock sweep arpeggios into Absynth 5:
http://www.box.net/shared/jfozt8ac9k
That clip is designed as a "stress test" - clearly it's picking up all the sloppiness of my playing :-[ as well as pick noises etc. But I think it's pretty useable. This could easily be cleaned up in the MIDI editor to sound decent, especially with slower material. I wouldn't REALLY want to use a guitar synth for full-out shredding.
I view this as a fantastic (cheap!) composition tool, to record ideas into the MIDI editor. And to spark creativity. This can probably be done with other DAWs too (??), I never tried it when I was using Cubase.
Oh yes, obviously it's monophonic. And it only tracks down to about C# - can make it go lower by increasing the ReaTune sampling 'window size' which is 20 ms at the moment, but that increases latency. At this setting there's nearly no noticeable latency.
Anyway, this had me pretty excited, just thought I'd share.